Chelsea Groton Bank Mortgage Rates, Fees & Info

Groton, CT

LEI: 5493000GQWJTTR0TEH83

Tax ID: 06-0376640

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Chelsea Groton Bank is a smaller bank specializing in Home Purchase and Refi loans. Chelsea Groton Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Norwich, Hartford, New Haven, Providence, and Bridgeport among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Chelsea Groton Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Chelsea Groton Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.00% 4/19/24
    30 Year Conventional Refi 6.10% 4/19/24
    30 Year Cash-out Refi 6.38% 4/19/24
    30 Year FHA Purchase 7.24% 4/19/24
    30 Year VA Purchase 6.38% 4/19/24
    30 Year USDA Purchase 6.39% 4/19/24
    15 Year Conventional Purchase 5.18% 4/19/24
    15 Year Conventional Refi 5.51% 4/19/24
    15 Year Cash-out Refi 5.51% 4/19/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Chelsea Groton Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Chelsea Groton Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    562

    Origination Dollar Volume (All Markets)

    $117,090,000

    Employee count

    209 Show all (5) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 451 $85,875,000 $190,410 $2,081 3.88%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 56 $12,540,000 $223,929 $2,569 4.00%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 10 $8,180,000 $818,000 $3,819 3.91%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 21 $4,875,000 $232,143 $2,782 3.97%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 9 $3,315,000 $368,333 $5,687 4.14%
    WORCESTER, MA-CT (FHA|USDA|VA) 12 $1,820,000 $151,667 $3,798 4.23%
    Torrington, CT (FHA|USDA|VA) 3 $485,000 $161,667 $2,856 3.73%
    Chelsea Groton Bank's top markets include Norwich, Hartford, New Haven, Providence, and Bridgeport among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Chelsea Groton Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SOMERSET
    Similarity Rank: 26
    The Torrington Savings Bank
    Similarity Rank: 45
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    POLISH NATIONAL
    Similarity Rank: 104
    SIKORSKY FINANCIAL
    Similarity Rank: 115
    Rhode Island Credit Union
    Similarity Rank: 116
    Sharon & Crescent United Credit Union
    Similarity Rank: 120
    Stafford Savings Bank
    Similarity Rank: 124
    Middlesex Savings Bank
    Similarity Rank: 145
    CorePlus Federal Credit Union
    Similarity Rank: 154

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 548 $113,690,000 $207,464 $2,122 3.92%
    VA 9 $2,365,000 $262,778 $6,529 3.41%
    FHA 4 $870,000 $217,500 $7,094 3.72%
    USDA 1 $165,000 $165,000 $3,807 3.50%

    For 2019, Chelsea Groton Bank's most frequently originated type of loan was Conventional, with 548 originations. Their 2nd most popular type was VA, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 280 $71,550,000 $255,536 $3,415 4.02%
    Refi 124 $23,450,000 $189,113 $1,190 3.81%
    Cash Out Refi 69 $16,135,000 $233,841 $2,540 3.70%
    Home Improvement 50 $3,540,000 $70,800 $246 3.93%
    Other 39 $2,415,000 $61,923 $203 3.78%

    For 2019, Chelsea Groton Bank's most frequently cited loan purpose was Home Purchase, with 280 originations. The 2nd most popular reason was Refi, with 124 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 246 $54,490,000 $221,504 $3,175 3.90%
    15 Year 111 $17,935,000 $161,577 $739 3.99%
    Other 67 $19,055,000 $284,403 $2,242 3.72%
    30+ year 46 $16,890,000 $367,174 $3,888 4.13%
    10 Year 39 $3,985,000 $102,179 $159 3.88%
    5 Year 33 $1,155,000 $35,000 $0 3.24%
    20 Year 16 $3,200,000 $200,000 $2,445 4.61%
    1 Year 3 $345,000 $115,000 $0 6.83%
    3 Year 1 $35,000 $35,000 $0 3.24%

    For 2019, Chelsea Groton Bank's most frequently cited loan duration was 30 Year, with 246 originations. The 2nd most popular length was 15 Year, with 111 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 401 $71,035,000 $177,145
    $1k-2k 71 $22,035,000 $310,352
    $2k-3k 25 $4,885,000 $195,400
    $3k-4k 5 $1,495,000 $299,000
    $5k+ 1 $565,000 $565,000

    Chelsea Groton Bank's average total fees were $3,175, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 401 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 333 $65,305,000 $196,111
    4-5% 177 $33,695,000 $190,367
    2.5-3% 26 $7,580,000 $291,538
    5-6% 22 $4,860,000 $220,909
    6-7% 4 $5,650,000 $1,412,500

    During 2019, Chelsea Groton Bank's average interest rate for loans was 3.90%, while their most frequently originated rate bucket for loans was 3-4%, with 333 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 202 $55,240,000 $273,465 $2,991 3.88%
    $100k-200k 171 $26,375,000 $154,240 $2,411 3.98%
    $100,000 or less 147 $7,745,000 $52,687 $442 3.90%
    $400k-600k 32 $15,150,000 $473,438 $4,680 3.78%
    $600k-1MM 8 $6,270,000 $783,750 $3,804 3.77%
    $1MM+ 2 $6,310,000 $3,155,000 $5,044 5.06%

    2019 saw Chelsea Groton Bank place emphasis on $200k-400k loans with 202 originations, totaling $55,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 139 $28,795,000 $207,158 $2,116 3.90%
    $50k-75k 120 $17,680,000 $147,333 $2,272 3.84%
    $75k-100k 97 $16,145,000 $166,443 $1,955 3.87%
    $150k-250k 89 $22,285,000 $250,393 $2,650 3.88%
    $50k or less 49 $5,105,000 $104,184 $2,237 3.89%
    $250k+ 46 $16,460,000 $357,826 $2,529 3.69%

    Chelsea Groton Bank lent most frequently to those with incomes in the $100k-150k range, with 139 originations. The second most popular income band? $50k-75k, with 120 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 149 $29,435,000 $197,550 $2,354 3.85%
    30-36% 108 $20,820,000 $192,778 $2,266 3.76%
    <20% 51 $10,285,000 $201,667 $1,740 3.85%
    43% 28 $5,750,000 $205,357 $2,367 3.92%
    40% 25 $5,415,000 $216,600 $1,861 3.97%
    37% 22 $3,970,000 $180,455 $2,379 3.97%
    36% 21 $3,705,000 $176,429 $1,801 3.75%
    38% 20 $3,650,000 $182,500 $2,671 3.82%
    42% 18 $2,720,000 $151,111 $1,447 4.11%
    44% 16 $3,080,000 $192,500 $2,676 3.79%
    41% 15 $3,465,000 $231,000 $2,574 3.85%
    39% 14 $2,090,000 $149,286 $1,640 3.93%
    45% 14 $3,140,000 $224,286 $3,030 3.76%
    49% 13 $3,025,000 $232,692 $2,263 4.02%
    46% 10 $2,180,000 $218,000 $3,028 4.02%
    48% 10 $1,780,000 $178,000 $1,603 3.97%
    47% 9 $1,815,000 $201,667 $2,744 3.74%
    50-60% 2 $1,010,000 $505,000 $3,006 3.93%

    Chelsea Groton Bank lent most frequently to those with DTI ratios of 20-30%, with 149 originations. The next most common DTI ratio? 30-36%, with 108 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 478 $93,960,000 $196,569 $2,198 3.86%
    Not applicable 17 $9,755,000 $573,824 $0 5.64%
    Not provided 33 $7,505,000 $227,424 $2,395 3.93%
    Asian 23 $3,985,000 $173,261 $2,910 3.69%
    Black 7 $1,055,000 $150,714 $2,340 3.78%
    American Indian 3 $625,000 $208,333 $1,377 4.06%
    Native Hawaiian or Islander 1 $205,000 $205,000 $6,583 3.25%

    Approval Rates

    Total approvals of all applications
    89.53%

    Chelsea Groton Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.75%

    Chelsea Groton Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 562 $117,090,000 $208,345

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $7,435,000 $1,062,143
    Single Family (1-4 Units):Site-Built 555 $109,655,000 $197,577

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 59 $7,025,000 $119,068 $885 3.89%
    40-60% 61 $14,195,000 $232,705 $2,232 3.98%
    60-80% 223 $60,055,000 $269,305 $2,685 3.98%
    80-100% 135 $31,935,000 $236,556 $3,554 3.88%
    Over 100% 1 $475,000 $475,000 $14,738 3.38%
    Under 20% 83 $3,405,000 $41,024 $67 3.74%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Chelsea Groton Bank 116 West Broad Street Pawcatuck, CT 6379 Full Service B&M $64,463
    Chelsea Groton Bank 156 Willimantic Road Baltic, CT 6330 Full Service B&M $47,127
    Chelsea Groton Bank 157 Boston Post Road Waterford, CT 6385 Full Service B&M $43,197
    Chelsea Groton Bank 2 Water Street Mystic, CT 6355 Full Service B&M $107,423
    Chelsea Groton Bank 20 Hartford Road Salem, CT 6420 Full Service B&M $36,764
    Chelsea Groton Bank 21 Pennsylvania Avenue Niantic, CT 6357 Full Service B&M $72,647
    Chelsea Groton Bank 391 Norwich Westerly Road North Stonington, CT 6359 Full Service B&M $55,555
    Chelsea Groton Bank 444 West Main Street Norwich, CT 6360 Full Service B&M $38,725
    Chelsea Groton Bank 50 N Stonington Road, Route 1 Mystic, CT 6355 Limited, Drive-thru $0
    Chelsea Groton Bank 50 Town Street Norwich, CT 6360 Full Service B&M $91,208
    Chelsea Groton Bank 904 Poquonnock Road Groton, CT 6340 Full Service B&M $50,187
    Chelsea Groton Bank 904 Poquonnock Road Groton, CT 6340 Full Service B&M $139,128
    Chelsea Groton Bank One Franklin Square Norwich, CT 6360 Full Service B&M $60,724
    Chelsea Groton Bank One Montauk Avenue New London, CT 6320 Full Service B&M $95,935

    For 2019, Chelsea Groton Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $42,081
    Net interest income $39,084
    Total noninterest income $8,535
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,743
    Trading account gains and fees $0
    Additional Noninterest Income $5,792
    Pre-tax net operating income $13,233
    Securities gains (or losses, -) $9,196
    Income before extraordinary items $18,099
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $18,099
    Minority interest net income $0
    Net income $18,099
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,650

    Chelsea Groton Bank's gross interest income from loans was $42,081,000.
    Chelsea Groton Bank's net interest income from loans was $39,084,000.
    Chelsea Groton Bank's fee based income from loans was $2,743,000.
    Chelsea Groton Bank's net income from loans was $18,099,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,997
    Provision for credit losses $478
    Total noninterest expense $33,908
    Salaries and employee benefits $21,900
    Premises and equipment expense $2,942
    Additional noninterest expense $9,066
    Applicable income taxes $4,330
    Net charge-offs $440
    Cash dividends $0

    Chelsea Groton Bank's interest expense for loans was $2,997,000.
    Chelsea Groton Bank's payroll and benefits expense were $21,900,000.
    Chelsea Groton Bank's property, plant and equipment expenses $2,942,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 1.0%
    Nonfarm, nonresidential loans 3.0%
    Multifamily residential loans 2.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 2.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $884,464
    Deposits held in domestic offices $884,464
    Deposits by Individuals, partnerships, and corporations $776,791
    Deposits by U.S. Government $8
    Deposits by States and political subdivisions in the U.S. $107,665
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $154,313
    Demand deposits $84,679
    Nontransaction accounts $730,151
    Money market deposit accounts (MMDAs) $54,680
    Other savings deposits (excluding MMDAs) $536,154
    Total time deposits $139,317
    Total time and savings deposits $799,785
    Noninterest-bearing deposits $230,458
    Interest-bearing deposits $654,006
    Retail deposits $840,698
    IRAs and Keogh plan accounts $37,811
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,142,824
    Cash & Balances due from depository institutions $34,321
    Interest-bearing balances $13,798
    Total securities $191,397
    Federal funds sold & reverse repurchase $0
    Net loans and leases $850,872
    Loan and leases loss allowance $7,891
    Trading account assets $0
    Bank premises and fixed assets $16,570
    Other real estate owned $0
    Goodwill and other intangibles $494
    All other assets $49,170

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,142,824
    Total Liabilities $955,093
    Total deposits $884,464
    Interest-bearing deposits $654,006
    Deposits held in domestic offices $884,464
    % insured (estimated) $67
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $40,168
    Subordinated debt $0
    All other liabilities $30,461

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $850,872
    Loan and leases loss allowance $7,891
    Total loans and leases (domestic) $858,763
    All real estate loans $784,474
    Real estate loans in domestic offices $784,474
    Construction and development loans $57,100
    Residential 1-4 family construction $13,737
    Other construction, all land development and other land $43,363
    Loans secured by nonfarm nonresidential properties $126,315
    Nonfarm nonresidential secured by owner-occupied properties $62,151
    Commercial real estate & other non-farm, non-residential $64,164
    Multifamily residential real estate $9,184
    1-4 family residential loans $591,875
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $141
    Commercial and industrial loans $61,751
    To non-U.S. addressees $0
    Loans to individuals $5,029
    Credit card loans $0
    Related Plans $31
    Consumer Auto Loans $2,008
    Other loans to individuals $2,990
    All other loans & leases $7,368
    Loans to foreign governments and official institutions $0
    Other loans $246
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $32
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $5,282
    Non 1-4 family restructured loans & leases $2,278
    Total loans and leases (foreign) $0

    Chelsea Groton Bank had $850,872,000 of loans outstanding in 2019. $784,474,000 of loans were in real estate loans. $57,100,000 of loans were in development loans. $9,184,000 of loans were in multifamily mortgage loans. $591,875,000 of loans were in 1-4 family mortgage loans. $141,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,008,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 241 $61,982 $257,187
    Nonfarm, nonresidential loans - <$100k 66 $3,455 $52,348
    Nonfarm, nonresidential loans - $100-250k 81 $13,764 $169,926
    Nonfarm, nonresidential loans - $250k-1MM 94 $44,763 $476,202
    Commercial & Industrial, US addressed loans - <$1MM 325 $29,500 $90,769
    Commercial & Industrial, US addressed loans - <$100k 254 $5,921 $23,311
    Commercial & Industrial, US addressed loans - $100-250k 28 $4,558 $162,786
    Commercial & Industrial, US addressed loans - $250k-1MM 43 $19,021 $442,349
    Agriculture operations loans - <$1MM 2 $141 $70,500
    Agriculture operations loans - <$100k 2 $141 $70,500